Cryptocurrency Exit Strategy - (ICX & other coins) Do you have an exit strategy?

I thought it might be a good idea to have a thread on Exit Strategies…we all need to be thinking about how to handle the crazy gainz yo. I know it is something that can be technical and we all reside in different areas with different tax implications, depending on what we do. Some knowledge sharing/best practices could be very helpful. I know I don’t have a strategy yet, but I’ve been giving it quite a bit of thought and when I do think about it, I think “I wonder what the pub is doing”…I really think I could benefit from some experienced crypto friends as I plan ahead and hope others feel the same.

I should clarify: The exit strategy is not to leave the crypto space, it is to take gains and diversify and accomplish some of what I listed below. You may have similar goals or things to add to what I have listed.

Some things I’d like to do and need to build my strategy to implement:

  1. Pay off any outstanding debt
  2. Invest in other ICOs
  3. Diversify/balance portfolio
  4. Take maximum advantage of any tax strategies available
  5. Set aside some gainz for vacation, family, fun etc.

How about you all?

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This may be overly-simplistic, but, I shared this the other day:

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Thank you John! This is awesome!

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i think it depends on how many you hold…its much easier to scale out with 1000’s. i always find knowing when to sell is way harder than knowing what to buy.

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Good points Siggy and John. Interestingly enough if you cash out to pay your mortgage in some cases it could save you hundreds of thousands by avoiding 10-30 years of mortgage interest. Then, you can back those payments back into Crypto or other investments.

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tho if i ever get to 50 times it should be easy.

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i actually do a lot of these simple things for myself… very basic but powerful discipline.

when I reach X% yield (or profit) I will take Y% out, reinvesting in Z𝜂 (where 𝜂 = any number of alternative investments).

Simple, I know.

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The things is about settings goals, is that you don’t want to just pull a number out of your ass. “I want 500x”. Ok, but what if we never get there. The hard part is finding realistic goals.

20x, sell 10%, 50x sell 25%, 100x sell 50% ? Does this sound realistic?

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Why I love B90X because the discipline in this is such an important part of the success with it. Simple is good! A disciplined plan feels nice, safe and cozy in an otherwise very wild environment :rofl::rofl::rofl:

Which leads me to ask @peter is there a B90X video about exit strategy? I could link it here if there is. I am not through all the videos yet!

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watching those videos i was most impressed with Peters discipline…takes some doing that.

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In case of ICX :icx:, I do not see myself selling untill Korean traders get the currency and give atleast 1-2 more months after that.

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@Siggy - don’t you feel like a veteran now that you’ve been in this long?

Imagine how powerful you’ll be when you’re in the crypto game for 1+ years!

Exit strategies are simply setting a goal to exit out profit taking.

Often those correspond to pragmatic (life) needs.

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Agreed. It is important to set realistic goals. It does require some thought and a decent handle on the gains that you expect to make or are realistic. Crypto being what it is, that can be challenging, but I do think it is possible to set realistic goals.

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I always find that when I set the goal, I never REGRET it.

I always feel GOOD that I got the gainz I set out for.

In that way, it helps build discipline and patience.

Yes yes… holding can get you higher (unrealized) gainz… but you can also lose.

I always have a sign of relief when I meet my exit goals.
I don’t think I’ll ever get over the feeling of (small) anxiety… when I get my sell order done.

It’s always like… “whew… didn’t think that would happen so soon. Good to be out!”

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Haha…the learning curve is REAL! But I’m ALL IN to learn what I can and I am truly amazed at how much I’ve learned in the last few months. Owe it all to the pub for sure. I look forward to a level of mastery (too big of word for this!) that allows me to share with others who find it intimidating like I did. I put off crypto for so long out of fear. Not any more!

@peter what to do though when crypto returns end up being high 6, into 7 figures? I think a lot of pubbers are going to find themselves in that position (or already are). Diversify a little at a time? I’m trying to wrap my head around what is realistic when the time comes, because it is coming, sooner than I thought! :slight_smile: So a noob might suddenly find themselves going 'holy shit, I accidentally have $1m, now what do I do?" :rofl:

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Ah, got it. You kind of answered my question in my other post. No matter what the amount, setting the goals and discipline.

I get that sigh of relief feeling and the anxiety part too and fascinating to know that no matter how long you’ve been at it, those feelings are still there.

Let’s just say my goals have grown ENORMOUS, by necessity since joining the pub! Ha!

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My exit goals are to pay off my Harley, car, and house, put new windows in my house, take my initial investment out, then vacation and do some other fun life-enhancing things on my list.

Primarily I want to remove debt from my life, smallest to largest at $20, $25, $40, $100 etc. I guess those are somewhat arbitrary levels and I’m not considering tax strategies but I need to consider that for sure. I want to keep as much in as possible as long as going well, beyond eliminating debt and the big items on my list that will allow me to enjoy life.

I’d like to retire early and I’m healthy except for my damn shoulder injury from P90X (no injuries from B90X haha), but health insurance is expensive when self-employed, so there’s that to consider too.

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It’s a little unreal ALREADY to see the gains sitting there! And I feel like we’ve barely stepped foot on the tarmac for takeoff! I wanted to take my first gains at $20 but that could happen before January 24th even! So I might wait, but maybe I shouldn’t. Not a bad situation to ponder.

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I added an image… and then shared it on the interwebs.

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Well I hit my goal of getting a solid deposit for a house. But I hit it way too early… I’m not cashing out. At first it sounds like I’m abandoning my goals, but ICX has made me so much profit, so quickly, and has a while to go yet. Instead of a deposit, I’m aiming for a block of land and possibly the house to go on it by the end of 2018. But I’ve also got taxes to work out and how I’ll deal with that. Looks like I’m stuck HODLing for 12 months!

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